Bakkt Inc SEC Filings

Bakkt Holdings, Inc. (BKKT) filed a Form 4 for its Chief Financial Officer, Karen Alexander. On 11/14/2025, 121 shares of Class A common stock were withheld at a price of $21.61 to cover tax obligations arising from an option exercise on November 12, 2025. After this transaction, Alexander beneficially owns 69,499 shares of Class A common stock.

The ownership figure includes 50,229 shares subject to restricted stock units and performance stock units that are still subject to vesting. Alexander also holds stock options with an exercise price of $10 per share covering 26,511 shares of Class A common stock. These options were granted on July 29, 2025, became effective after shareholder approval on October 31, 2025, and follow a structured quarterly exercise schedule with specific "committed" and "optional" tranches and related blackout and lock-up provisions.

Bakkt Holdings, Inc. (BKKT) reported insider equity activity by its CEO and President, Akshay Sudhir Naheta. On 11/12/2025, he exercised stock options and acquired 33,557 shares of Class A common stock at an exercise price of $10 per share, increasing his directly held position to 294,716 shares, which includes 11,426 restricted stock units scheduled to vest on March 21, 2026, subject to continued employment.

He also holds performance stock units covering 1,607,717 shares of Class A common stock. These PSUs may vest over a three-year performance period following March 21, 2025, based on the company’s stock price performance versus a $9.33 reference price, with specific tranches tied to 100% appreciation and additional 25% steps, and continued employment requirements. In addition, he holds options to purchase shares at $10 per share under a structure that commits him to exercise a portion each quarter over eight quarters, with detailed quarterly and lock-up conditions on early exercises.

Bakkt Holdings, Inc. (BKKT) reported that its General Counsel and Secretary, Marc D'Annunzio, exercised 1,677 stock options on 11/12/2025 at an exercise price of $10 per share, acquiring the same number of Class A common shares. Following this transaction, he directly beneficially owns 119,113 shares of Class A common stock, including 50,229 shares subject to restricted stock unit and performance stock unit awards that must still vest.

The filing also shows 132,551 stock options remaining beneficially owned, with an exercise price of $10 and a structured schedule under which one-eighth of the options is tied to quarterly “Committed Options” and related “Optional Exercise Options,” subject to defined exercise periods, forfeiture conditions, and lock-up constraints on certain early-exercised shares.

Bakkt Holdings, Inc. (BKKT) Chief Operating Officer Nicholas Baes reported exercising stock options for 671 shares of Class A common stock at an exercise price of $10 per share on November 12, 2025, in a transaction coded "M" (option exercise). After this transaction, he beneficially owned 106,143 shares of Class A common stock, including 96,143 shares subject to restricted stock units that are still vesting.

The exercised options are part of a larger grant of stock options awarded on July 29, 2025, which became effective after shareholder approval on October 31, 2025. Following the reported exercise, 53,020 stock options remain beneficially owned. The option grant has a structured quarterly exercise schedule over eight quarters, with required “Committed Options” each quarter and additional “Optional Exercise Options” that may be exercised over a one-year period, subject to lock-up conditions if exercised early.

Bakkt Holdings, Inc. reported an insider equity transaction by its Chief Financial Officer. On 11/12/2025, the CFO exercised stock options and acquired 335 shares of Class A Common Stock at a price of $10 per share. After this transaction, the reporting person beneficially owned 69,620 shares of Class A Common Stock, which includes 50,229 shares subject to restricted stock units and performance stock units that are still subject to vesting.

The transaction involved stock options granted on July 29, 2025, which became effective following shareholder approval obtained on October 31, 2025. These options are structured as a commitment to exercise a predetermined number of options each quarter over eight quarters, with specific quarterly exercise periods and additional lock-up conditions for certain early exercises.

Bakkt Holdings, Inc. reported two board resignations and changes to its CEO equity award. On November 8, 2025, Michelle Goldberg resigned, and on November 7, 2025, Jill Simeone resigned; both departures were effective immediately and not due to any disagreement with the company. In recognition of service during the current annual cycle, 16,543 of each director’s unvested RSUs vested.

On November 13, 2025, the Compensation Committee amended CEO Akshay Naheta’s performance-based RSUs to vest on the date performance conditions are achieved (the “Achievement Date”), subject to continued employment through that date, regardless of whether it is at least one year from grant. The related amended agreements were executed on November 14, 2025.

Bakkt Holdings (BKKT) received an amended Schedule 13G showing passive ownership by Citadel-affiliated entities and Kenneth Griffin. Kenneth Griffin may be deemed to beneficially own 425,943 Shares (2.7%). Citadel Securities LLC may be deemed to beneficially own 397,678 Shares (2.5%), while Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC may be deemed to beneficially own 28,265 Shares (0.2%). The percentages are based on 15,962,402 Shares outstanding, comprised of 15,934,137 Shares outstanding as of September 3, 2025 and 28,265 Shares issuable upon conversion of certain warrants. The filing states the securities were not acquired for the purpose of changing or influencing control, and all listed parties report shared voting and dispositive power over their respective amounts.

Highbridge Capital Management, LLC filed Amendment No. 1 to Schedule 13G reporting a passive beneficial ownership position in Bakkt Holdings, Inc. (BKKT). The filing lists 691,442 shares of Class A common stock beneficially owned, issuable upon exercise of warrants, representing 4.2% of the class.

Ownership percentages are based on 15,934,137 shares outstanding as of September 3, 2025, as disclosed in Bakkt’s definitive proxy statement. Highbridge reports sole voting and dispositive power over 691,442 shares and certifies the securities were acquired and are held in the ordinary course, not to change or influence control. The filing indicates ownership of 5% or less of the class.